Brazilian integrated steelmaker Gerdau saw its net profit in Q1 decline 51.3 percent, year-on-year, to BRL 221 million ($38.7 million), the company said on Wednesday while releasing its quarterly results.
The company said net revenues in Q1 fell 8 percent, year-on-year, to BRL 9.22 billion ($1.61 billion).
Gerdau reported a gross profit of BRL 855 million ($149.7 million) in Q1 this year, 32.6 percent down, year-on-year. Gross margin fell to 9.3 percent in Q1 from 12.7 percent in Q1 2019.
Gerdau said adjusted EBITDA in Q1 totaled BRL 1.17 billion ($206.1 million), 24.5 percent down, year-on-year. Adjusted EBITDA margin in Q1 decreased to 12.8 percent, from 15.5 percent in Q1 2019.
USD = BRL 5.71 (May 6)